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Florida Man, Age 83, Says He Hid Over $1M From IRS

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File photo of a gavel in a courtroom. (Credit: Thinkstock)

File photo of a gavel in a courtroom. (Credit: Thinkstock)

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NEW YORK (AP) — An 83-year-old Florida man has pleaded guilty to federal charges, admitting that he conspired to hide more than $1 million from the Internal Revenue Service by stashing it in foreign bank accounts.

Bernard Kramer of Del Ray Beach, Florida entered the plea Tuesday in federal court in Manhattan. He admitted that he filed false tax returns with the IRS from 1987 through 2012. Prosecutors said he stored the money in private banks in Zurich, Switzerland and at an Israeli bank headquartered in Ramat Gan, Israel.

Although the charges carry a maximum potential penalty of eight years in prison, prosecutors say Kramer is cooperating with the government. They said he will pay a penalty of $588,000 along with back taxes.

Sentencing was set for Feb. 6.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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